Location Intelligence Tells You Things You Never Knew Before

Location intelligence tells you things you never knew before

Location intelligence is key to answering those questions you’d never dared ask before.

Using data you already have, you can generate important new insights that’ll help you see things from a new perspective, and plan how best to grow your business.

Here, we’ll explore the key location intelligence capabilities and how they can give you access to valuable new information.

Get accurate customer numbers

Among the most basic – but useful – capabilities of location intelligence is the ability to give you accurate customer numbers.

By comparing your customer profiles to data that outlines the demographics of local areas, you can work out how many potential customers you have within a defined area.

You can even work out what attributes are shared by your most valuable customers and make sure there’s a service within easy reach of a high concentration.

Gain a greater understanding of why a particular customer has stopped using your services. Has a new transport connection changed their route to work? Or, has a competitor set up shop in a more convenient location?

Lastly, you can analyse social media to find out how your product or service is perceived within a certain area.

Establish relationships between amenities

Location intelligence can help you gain greater insight into how local features affect your profitability.

This could include almost anything relating to:

You (parking, store accessibility etc.)

Other businesses (complementary services/products etc.)

Public features (pedestrianised areas, public facilities etc.)

For example, if you run a large department store, chances are customers will dedicate a sizeable chunk of time to visiting your store.

This means they’ll probably have other needs that need satisfying during their visit. You may find that having a car park within easy walking distance increases the number of big-ticket items you sell.

Or, that customers frequently stop for food after visiting your store, so are more likely to make a trip to a store with a restaurant nearby that appeals to their demographic.

Location intelligence enables you to identify convenient or complementary resources that correlate with improved store performance.

Compare and match known locations

Once you’ve got to grips with the attributes that affect the profitability of your business, you can start using this to draw conclusions about alternative locations.

These are some of the types of tool offered by leading location intelligence software providers:

Find matching locations: You can input all the key attributes associated with your most successful stores and automatically produce a map that marks out all areas with the same attributes.

Discover new locations: Similar to the previous feature, this option will mark out all areas on a map where your business should have a presence but doesn’t yet.

Predict revenue in other locations: You can input the financial performance information and attributes of a specific location, then find out how much revenue you would generate if the same service were provided elsewhere.

These features are integral for deciding how best to expand your company while also mitigating risk.

All of these insights can be generated using the data you already have. You just need a faster, more effective way of collating it and drawing actionable conclusions.

Discover how location intelligence can help you make strategic decisions based on real-world data with Periscope®.